BP has agreed to pay a record $18.7 billion to settle the federal and state claims against it for its role in the Deepwater Horizon oil spill, sidestepping years of litigation with a promise to pour funds for nearly two decades into efforts to repair vast environmental damage in the Gulf region.
SandRidge, the Oklahoma City-based producer, had about 90 percent of its oil and natural gas liquids output hedged in early 2015, according to a regulatory filing. Next year, the hedges cover less than a third.
Helicopters are the leading cause of death for offshore oil and gas workers, far outpacing fatalities from explosions and heavy rig equipment. Houstonia magazine goes inside the underwater escape training course that offshore workers complete before taking their first trip.
Royal Dutch Shell said Thursday it is abandoning plans for a massive gas to liquids project envisioned for Louisiana, citing poor economics for the project that was expected to cost more than $20 billion.
This isn’t the first time oil has gushed from Texas wells at a record rate and sent towns around state the state into an economic boom. See how life in Texas changed in towns like Kilgore, Freer and elsewhere after the Texas oil explosion:
If companies were allowed to drill for oil and gas in Atlantic waters off the East Coast, the work would help create nearly 280,000 new jobs and contribute some $23.5 billion to the U.S. economy each year by 2035, according to a study unveiled Thursday by two industry trade groups.
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